Tax FAQ
 

Tax Question On Capital Gain Of Foreign Currency Exchange?

Question by | Posted in Personal Finance

I own some Iraqi dinar notes. I have had them for 6 months. If they should enlargement in value and I cash them in for a considerable profit will the gain be a capital gain tax or regular income tax? I bought them for bread and will get cash on the selling them. What would be the percent of capital gain tax owed?

Answer: Your capital gains tax tariff depends on your overall tax rate. The reduced rate is scheduled to expire at the end of 2010. Without expert MOST of your tax details, there is not answer to your question. That said, don't be surprised when you DON'T make much, if any, profit.
 
 

Capital Gain Tax On A Summer Cottage In The Province Of Quebec?

Question by cestunalias | Posted in Canada

I acquired a summer chalet from my father at no cost. My father build myself the cottage way back in 1950's. He kept no recepts for materials etc. The New Zealand urban area evaluation is now at $120000. Does my father have to pay a capital gain tax? On what amount? Thank you.

Answer: If it was not his owner residence than than the capital gains should be calculated as fair market value for 1972 extra any capital improvements after 1972 minus the fair market value of the date the belongings was transferred which sounds like it would be around $120,000 plus you could deduct any costs interconnected to the purchase or disposition of the property. You may may get some temporary tax Relief from claiming a reserve which could spread the gain over five years lowering the dubious tax

Related Topics:

Home Office Tax Deduction
A Tax File Number
Ultra Tax

 
 

Do I Pay Capital Gains Tax On Each Stock Or On Total Gain?

Question by Claudia | Posted in United States

I have several stocks, all in a Scotttrade account. Some of the stocks indefinite value, some of them gain value. So lets assume I gained 500 Dollars on extraction A, and I lost 300 Dollars on stock B. Consequently, I end up with a total gain of $200. Do I have to pay capital gain tax on $500 or on $200?

Through you!

Answer: Capital gains tax is paid on the net realized gain. The huddle "net" means that the amount of gain is reduced by the amount of loss, so that only $200 is taxed in your specimen. The word "realized" means that you only figure the tax for stocks you sold during the year. The switch in value on stocks you still own is considered an "unrealized" gain or loss, which is not taxable before the share is sold.

Related Topics:

Cardiff Council Tax
A Tax Service
Car Tax Rebate

 
 

In The USA Does Capital Gain Taxes Apply To The Current Tax Year Only?

Question by zenlife1 | Posted in Other - Taxes

I sold my pure house in 2005 and my capital gain was 120,000. In 2007 I sold an investment property and my capital gain was 160,000. I'm celibate not married so I know a capital gain up to 250,000 is not taxable. My question is: Is it based on capital gain accumulation over a being span or per tax year. I'm thinking it's per tax year but I was told that it was over a lifetime...which doesn't fill up any sense! Thanks!

 
 

Do Foreigners Living Out The The US Need To Pay Income Tax And/or Capital Gain Tax For US-based Properties?

Question by Patrick P | Posted in United States

I have been residing in the US (Chicago, IL) for two years (as a authorized student) and am the owner of my apartment. I am considering renting it and then selling it after I leave the wilderness and become a fiscal resident of Brazil. Will I be liable for income tax (in the US) on the rent that I'll be receiving (for my US apartment) ? What about capital gain tax when I in the end sell the apartment?

Answer: Unless there is a tax deal that provides otherwise -- and there ins't one likely in this case -- you'll be subject to US taxation for the gains from the rental and capital gains when you sell.

Depending upon the timeline, you may qualify for an exclusion on the capital gain if you lived in the abode as your principal residence for 2 of the 5 years immediately prior to the sale. The exclusion amount is $250,000 if your filing pre-eminence is Single and $500,000 if your filing status

Related Topics:

Richmond County Tax
Pension Contributions Tax
Car Tax Costs

 

© 2011 Tax FAQ